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About the Role

Millennium's Global Risk Management Department is responsible for identifying, measuring, monitoring, managing, and reporting the risks associated with the firm’s portfolios. The Emerging Markets Risk Management team focuses on the risks inherent in emerging markets investing across sovereign and corporate credit, FX, local and hard-currency debt, and rates spanning EMEA, Latin America, Asia, and other developing regions.

Responsibilities

Provide independent risk oversight of global emerging markets portfolios across sovereign and corporate credit, FX, local and external rates, and related cross-asset exposures.
Analyze portfolio risk drivers, P&L attribution, hedging effectiveness, scenario behavior, and tail-risk outcomes across EM cash and derivative instruments.
Establish and maintain clear risk guidelines covering portfolio construction, concentration, liquidity, leverage, financing, event risk, and drawdown parameters.
Review trades and portfolio construction with attention to instrument structure, documentation, optionality, funding assumptions, and market access considerations.
Partner with portfolio managers to challenge positions where risk may be mispriced, crowded, imperfectly hedged, or inconsistent with mandate, liquidity profile, or market regime.
Evaluate prospective Emerging Markets Portfolio Manager candidates by assessing investment process, risk discipline, portfolio construction, hedging approach, and performance across market cycles.
Enhance emerging markets risk models, systems, and reporting in partnership with quantitative researchers and technologists, including stress testing, exposure decomposition, and liquidity analysis.
Communicate key country, thematic, and portfolio risks clearly to senior leadership and investment teams, while monitoring market, policy, ratings, default, and restructuring developments across emerging markets.

Requirements

Significant experience in risk management, trading, structuring, or desk strategy, with deep exposure to emerging markets credit, FX, rates, and relative-value strategies.
Strong knowledge of EM sovereign and corporate instruments and their core risks, including spread, default, recovery, curve, FX, rates, basis, correlation, volatility, optionality, financing, and liquidity risk.
Solid understanding of how EM bonds, loans, credit indices, FX, rates products, and structured instruments interact with broader cross-asset markets and hedging frameworks.
Proven ability to manage day-to-day portfolio risk while driving complex, cross-regional strategic risk initiatives.
Experience in emerging markets trading, structuring, or portfolio construction is preferred, with multi-region exposure across Latin America, EMEA, and Asia strongly valued.
Solid programming skills, including Python, with the ability to support data analysis, model development, and automation.
Sound judgment in assessing portfolio risk across normal and stressed market conditions, including policy shocks, restructurings, capital outflows, FX devaluations, and liquidity stress.

Skills

Emerging markets credit
FX
Rates
Relative-value strategies
EM sovereign and corporate instruments
Spread risk
Default risk
Recovery risk
Curve risk
FX risk
Rates risk
Basis risk
Correlation risk
Volatility risk
Optionality risk
Financing risk
Liquidity risk
Cross-asset markets
Hedging frameworks
Python
Data analysis
Model development
Automation
Risk assessment
Policy shocks
Restructurings
Capital outflows
FX devaluations
Liquidity stress

Experience Level

Significant experience in risk management, trading, structuring, or desk strategy
Experience in emerging markets trading, structuring, or portfolio construction is preferred

Education Level

A degree in Finance, Economics, Engineering, Mathematics, Computer Science, or another quantitative discipline

About the Company

Millennium is a global, diversified alternative investment firm, founded in 1989.
Defined by evolution, innovation and focus, Millennium’s mission is to deliver results for our investors.
Our people are empowered with both independence and support: the autonomy to pursue ideas with conviction and the backing of a global network committed to collaboration, disciplined risk management and continuous learning.
With opportunities to deepen expertise and accelerate development, talent at Millennium is equipped to adapt, evolve and build lasting impact over time.